How to preserve Marine Raider Stiletto?

Hello all,

I have a Marine Raider Stiletto that I want to preserve. I believe it to be original. The blade has spent the last 50 years or so covered in something- WD40, something- then wrapped in plastic in the sheath. The etch is in good shape as well as the handle. My question is, what is my best option to preserve it? Cover the whole thing, including the handle, in a thin layer of pretroleum jelly and rewrap it in plastic to prevent the handle from oxidizing and crumbling?

Thanks!